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Bahamas To Review Tax System

by Amanda Banks, Tax-News.com, London

05 June 2012


Suggesting that the jurisdiction's tax system is no longer fit for purpose in the 21st century, Bahamas Finance Minister Perry G. Christie has announced a root-and-branch review of taxation.

"There is an emerging national consensus that the Bahamian tax system is simply inadequate to meet the needs of a modern 21st century society," Christie said in his 2012/13 Budget speech last month.

"My Government will therefore launch an extensive review of the Bahamian tax system with a view to proposing alternative means of taxation that address the problems of the current system while providing the government with a stable, buoyant and adequate source of revenue to meet its governance obligations to the Bahamian people," the Finance Minister explained.

Legislation will be introduced to establish a council of economic advisors, Christie said, adding that the role of the council will be to develop policy recommendations for the government on the major issues pertaining to economic growth and stability, including tax reform.

Also, in an effort to stimulate the real estate market, Christie announced that the government would make good on its commitment to lower the maximum rate of stamp duty on land sales from 12% to 10%, and will also re-introduce a maximum cap on real property tax.

A comprehensive report in our Intelligence Report series dealing with the issues raised by international property investment, and the possible taxation implications raised by such purchases, with an account of the likely (and some less obvious) potential countries for your consideration, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report15.asp
TAGS: tax | investment | Bahamas | property tax | law | real-estate | international financial centres (IFC) | offshore | legislation | stamp duty | tax reform

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